MCQ-00619
Rice Co. salaried employees are paid biweekly. Advances made to employees are paid back by payroll deductions. Information relating to salaries
follows:
Employee Advances
Accrued Salaries Payable
Salaries Expense During the Year
Salaries Paid During the Year (Gross)
12/31/Year 1 12/31/Year 2
$ 24,000 $ 36,000
40,000
?
420,000
390,000
In Rice's December 31, Year 2, balance sheet, accrued salaries payable was:
A. $70,000
B. $82,000
C. $30,000
D. $94,000
Explanation
Choice "A" is correct. $70,000 accrued salaries payable at Dec 31, Year 2.